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Why Excel Is Bad For Your Business

There was a time when businesses used to rely on paper-pencil based accounting. In this article you learn the important aspects to grab the accounting software instead of rely on the excel file

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Why Excel Is Bad For Your Business

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  1. Why Excel Is Bad For Your Business There was a time when businesses used to rely on paper-pencil based accounting. They did not have access to online billing software. Microsoft came with Excel spreadsheets, and people thought about increasing business efficiency and productivity. It helped them too. When was that? That is exactly my point. Still, Trusting Excel Spreadsheets for Business Accounting? It was long ago, and you do not live in that time, do you? The technology and your competitors have moved on to better tools. They are leveraging financial statement preparation software. Online accounting software gives you an insight into the business' financial health. You can achieve better productivity and efficiency with it. Have people altogether stopped using spreadsheets? No! Small and startup businesses still rely on them. Yes, it is true. It is one thing to keep on using spreadsheets when your business is new and has only a few transactions. It is convenient. However, it is a completely different scenario if you are still using it for your expanding business. It means you are not making any efforts to streamline your business accounting. Spreadsheets are good for storing business ideas, plans, schedules, and all other kinds of information that you can think of. However, you need online accounting software to make effective use of your business' financial information for decision- making. Get Rid of Excel Spreadsheets

  2. Using spreadsheets to store your business' data means investing a huge amount of human effort. And, humans get fatigued and lose focus easily. After all, it is a repetitive task. Manual data entry can introduce all kinds of mistakes in the data. They spread from one sheet to another when the data is copied & pasted or when the records are merged. As per the study, more than 80% of the spreadsheets contain errors. They are good for storing information. But businesses need to compare the information with the actual facts, and they also need to analyze it to reveal market trends. It is why you need to adopt online accounting software. Implement Online Accounting Software If you understand the primary role of Excel spreadsheets, it will be easy for you to move on. It can store data for you. However, it fails as a business intelligence and analytical tool. You and every other business owner need better tools for getting optimum results. Using spreadsheets means going back and forth between sheets to locate data for making decisions. It means collaborating with your accountant is not easy. And there is no guarantee that you both will be referring to the same version of data. Relying on such data can lead businesses to make wrong decisions and lose money. Online accounting software stores your business data in a centralized database. It is accessible at any time and from anywhere. In fact, the system allows you to collaborate with your accountant. You both can access the same data from wherever you are and discuss its implications. Prepare Instant Financial Documents & Save Time

  3. It was a smart move to update to Excel when others were still using paper-pencil for their business accounting. However, it does not help you in preparing any financial documents. You need a financial statement preparation software system to do so. You need only a few clicks of the mouse to process the information in the database to prepare financial statements like balance sheet, cash flow, or trial balance. Few clicks also give you accurate reports like aging accounts payable and receivable, sales report, or budget overview. Secure Your Business Data Can you predict a hard disk crash? If you have suffered through one, you know that it is not easy to recover from it. Business suffers. Storing business data in a local machine can lead to various problems. Your data becomes vulnerable. And, a mishap at your office can also put it at risk. Online accounting software stores your business data in the centralized database. IT teams invest the latest technologies and tools to protect it. The software uses a security matrix to create different user roles and enables users to access the sensitive financial information of your small business on a need-to-know basis.

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